Deloitte to cut 1,200 jobs in the US - FT
Deloitte will cut around 1,200 jobs or 1.5% of its U.S. workforce, the Financial Times reported on Friday, citing internal employee communications.
The layoffs at the auditing firm will be higher in areas such as the financial advisory business, which has been affected by a slump in merger and acquisition activity, the newspaper said.
Earlier this week, Deloitte's rival Ernst & Young said it was shedding 5% of the workforce at its U.S. arm, less than a week after the unit's objection torpedoed the global accounting giant's plan to break up its audit and consulting units.
"Our U.S. businesses continue to experience strong client demand. As growth in select practices moderates, we are taking modest personnel actions where necessary," Deloitte said in an emailed statement to Reuters.
Several financial firms have slashed jobs in recent months including major Wall Street banks, asset managers and fintechs amid a turbulent macroeconomic environment that has pressured consumers and soured demand in several mainstay business units.
Deloitte is part of the Big Four accounting firms that include EY, KPMG and PricewaterhouseCoopers.
Earlier this week, Deloitte's rival Ernst & Young said it was shedding 5% of the workforce at its U.S. arm, less than a week after the unit's objection torpedoed the global accounting giant's plan to break up its audit and consulting units.
"Our U.S. businesses continue to experience strong client demand. As growth in select practices moderates, we are taking modest personnel actions where necessary," Deloitte said in an emailed statement to Reuters.
Several financial firms have slashed jobs in recent months including major Wall Street banks, asset managers and fintechs amid a turbulent macroeconomic environment that has pressured consumers and soured demand in several mainstay business units.
Deloitte is part of the Big Four accounting firms that include EY, KPMG and PricewaterhouseCoopers.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.